Monday, October 3, 2011

This recession is not about dead beats or people trying to milk the system. The foreclosure crisis is not about the people wanting to get a free home either. What it is about is the reality that Corporate Finance, Too big to fail banks, and a bought and paid for Federal Government created a system that was set up to fail. The politicians that now say they tried to do something to stop it from happening are lying to save their hide. The corporate executives that are having the companies commit fraud on a daily basis in order make up for the fact that they made horrible business decision and tried to ignore hundreds of years of precedent by creating a new way to transfer legal title in a real estate transaction. By the way the did this just because they thought they could get away with it and it would save the banks a lot of money along with screw the local governments out of billions of dollars in transfer fees and taxes that they were due.

This recession isn’t about people being lazy and not wanting to work. This recession is about highly intelligent, hard working, and dedicated Americans who embraced the entrepreneurial spirit in the country and relied on themselves because of the long held belief that the United States of America was a country of the people. They found out a long the way that it didn’t matter if you were in the safest investments because the oligarchs were on a mission to transfer whatever wealth the middle class had amassed over the past 40 years back to the coffers of Wall Street, corrupt politicians and corporate executives.

This recession is about people losing everything. Yes everything. The most vulnerable are often the entrepreneurs who had taken so many risks to succeed and to help grow the economy. They are now living in an environment that has little opportunity to grow a business that was related to their life long passion.

What about those who started in their 20s and spent 20 years working to build a thriving business only to have to crushed by this “recession”? How to you expect them to recreated 20 years of dedication into a living in a new business over night? How? These people don’t get unemployment, most will lose their health insurance as their business declines and many will lose their homes where they raised their children or care for a sick parent.

This translates into a huge emotional toll that goes unnoticed by the media and the Federal Government and it is seen in increased suicide rates as well as spiking numbers in child abuse cases. If that is not bad enough for people to take notice it also has been well documented that during these extremely stressful times people are more prone to sickness and stress related illnesses. Those who have lost insurance also tend to not go to the doctor soon enough when they become ill. This waiting period then makes it more difficult to regain health as rapidly because they are in much worse condition by the time the do see the doctor.

Anyone who is not in the extremely wealthy 1% of the country that is influencing government policy and pillaging the country should consider themselves part of the 99% that is getting screwed. You also need to get prepared because if you haven’t suffered yet yours is on the way. If we are not a bit lucky we might be seeing 6500 on the Dow Jones Industrial Average by the next election.

Anyone who thinks the title issues that have been created by banks regarding home loans, proof of home ownership by not securitizing mortgages properly will not be their problem needs to evaluate the situation one more time. If you own a home, buy a home or are selling a home then this issue IS YOUR PROBLEM. It won’t matter if you are paying your mortgage or not because as it is now those with enough influence, power and money can persuade a judge that they own your property. They may have to commit fraud to do so but they have been doing for the past 3 years with no repercussions at all. Even when the judges have found fraud to be committed no one has been held accountable. People who have their homes paid in full have gotten repossession notices and had to fight to keep their home when the banks claimed they had a right to it.

You are in the 99% and if you don’t pay attention you are going find out you are in the 99% when it is too late. How much of your life savings are you going to want to spend defending yourself against fraudulent claims of the bank?

I am sure that will not go over too well but people are standing by as it is happening across the country. Many Americans have bought into the Oligarchs lies claiming that the crisis was caused by greedy homeowners or people buying a home they could not afford. People need to wake up. No one bought a home that wasn’t appraised by the bank for proper value, nor did they buy a home that they did not go through a qualifying process, whether it was a no documentation loan or a full doc loan. People could not just show up at the bank and say give me a loan. Even no doc loans check over a person’s assets, bank account balances, bank statements and tax returns. No bought a home that was out of their price rage according to the lender or they wouldn’t have qualified. If they did get qualified for a home they couldn’t afford then it should be the banks responsibility for giving the people the loan that is stuck on a home that is work 50 % less that the original mortgage. Why is the lender the victim? The banks created the system with the government blessing. They failed to properly maintain chain of title and then the fraudulently begin taking back homes after the government mad sure they would stay in business. Wake up people because you are in the 99%. This affects everyone and if you are not smart enough to notice the when you are getting used by the government and oligarchs you need to get prepared for a big surprise ahead.
Here is a quote from an article by Janet Tavakoli read the entire article HERE

Countrywide Broke the Law"It would be easy to turn away from this and blame the borrowers. Some of the borrowers were absentee landlords who knew what they were doing. Some borrowers overreached. But in many cases, people were victimized by predatory lenders. For example, a complaint of alleged fraud against Goldman Sachs, includes allegations of fraudulent practices by Countrywide, now owned by Bank of America. A former Countrywide employee stated that approximately 90% of all "liars' loans, loans that allowed reduced documentation about borrowers' income and assets, sold out of a Chicago office had inflated incomes. The borrowers weren't inflating the income. Countrywide routinely doubled the amount of the potential borrower's income to qualify borrowers for loans they couldn't afford so that Countrywide and its mortgage brokers could continue to earn fees and commissions. Prior to a settlement in which Countrywide paid a paltry $8 billion--the damage done is much greater-- to eleven states, Illinois Attorney General Lisa Madigan stated: "Countrywide broke the law, homeowners did not."

The article ends with the following paragraph:

"Despite evidence of widespread interconnected mortgage lending, securitization, and foreclosure wrong-doing and fraud, there are no meaningful felony indictments of senior executives at mortgage lenders or of senior executives of banks bailed out by taxpayers."

Your 401 k will be history and your insurance that you have now will cover less and less and by the time you retire you will be waiting in line for low cost care that you still have to pay for just like everyone else.

It is time for the 99% to wake up, stand up and take back the country if it is not already too late.

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